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The Bank of Russia

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The Bank of Russia FEDERAL LAW NO. 86-FZ OF JULY 10, 2002 ON THE CENTRAL BANK OF THE RUSSIAN FEDERATION (THE BANK OF RUSSIA) (with the Amendments and Additions of January 10, December 23, 2003, June 29, July 29, December 23, 2004, June 18, July 18, 2005, May 3, June 12, December 29, 2006, March 2, April 26, 2007) Passed by the State Duma on June 27, 2002 Chapter I. General Provisions Article 1. The status, the goals set in the activity, the functions and the powers of the Central Bank of the Russian Federation (of the Bank of Russia) are defined in the Constitution of the Russian Federation, in the present Federal Law and in other federal laws. The Bank of Russia fulfils the functions and exercises the powers stipulated in the Constitution of the Russian Federation and in the present Federal Law, independently of the other federal state power bodies, of the state power bodies of the subjects of the Russian Federation and of local self-government bodies. The Bank of Russia is a legal entity. The Bank of Russia has a stamp with the depiction of the State Emblem of the Russian Federation and with its own name. The seat of the central bodies of the Bank of Russia is the City of Moscow. Article 2. The authorised capital and the other property of the Bank of Russia are federal property. In conformity with the goals and with the procedure established by the present Federal Law, the Bank of Russia exercises its powers involved in the possession, use and disposal of the property of the Bank of Russia, including the gold and currency stocks of the Bank of Russia. Withdrawal of the above- mentioned property and burdening it with liabilities without the Bank of Russia's consent are inadmissible, unless otherwise envisaged in the Federal Law. The state is not responsible for the liabilities of the Bank of Russia, and the Bank of Russia - for the liabilities of the State, unless they have assumed upon themselves such liabilities or unless otherwise is stipulated by federal laws. The Bank of Russia is making its outlays at the expense of its own incomes. Article 3. The goals of the activity of the Bank of Russia are the following: - protection of and provision for the rouble's stability; - development and consolidation of the banking system of the Russian Federation; - ensuring an efficient and uninterrupted functioning of the payments system. Deriving of profits is not a goal of the Bank of Russia's activity. Article 4. The Bank of Russia discharges the following functions: 1) elaborates and conducts a uniform state monetary and credit policy in interaction with the Government of the Russian Federation; 2) enjoys an exclusive right in carrying out an emission of money cash and in organising currency cash turnover; 2.1) confirm a graphic designation of the rouble in the form of a sign; 3) is the final instance creditor for credit institutions and organises a system for their refunding; 4) establishes the rules for making settlements in the Russian Federation; 5) lays down the rules for the performance of banking operations; 6) services the accounts of all-level budgets in the budgetary system of the Russian Federation, unless otherwise established in federal laws, by effecting settlements on the orders of the authorised executive power bodies and of the state extra-budgetary funds, on which is imposed the organisation of execution and the execution of the budgets; 7) performs an efficient management of the gold and currency stocks of the Bank of Russia; 8) adopts the decision on the state registration of credit institutions, issues licences to credit institutions for the performance of banking operations, suspends the operation of these licences and withdraws them; 9) exercises supervision over the activity of credit institutions and of bank groups (hereinafter referred to as banking supervision); 10) registers the emission of securities by credit institutions in conformity with the federal laws; 11) performs, on its own or on the orders of the Government of the Russian Federation, all kinds of banking operations and other transactions necessary for the discharge of the functions of the Bank of Russia; 12) organises and implements the currency regulation and currency control in conformity with the legislation of the Russian Federation; 13) defines the procedure for making settlements with international organisations and with foreign states, as well as with legal and natural persons; 14) establishes rules for the business accounting and reports for the banking system of the Russian Federation; 15) fixes and publishes the official exchange rates of foreign currencies with respect to the rouble; 16) takes part in the elaboration of the forecast for the balance of payments of the Russian Federation and organises the compilation of the balance of payments of the Russian Federation; 17) establishes the procedure and the terms for carrying out by the currency exchanges an activity aimed at organising the performance of transactions involved in the purchase and sale of foreign currency, and effects the issue, suspension and withdrawal of the permits to (from) the currency exchanges for organising the performance of transactions involved in the purchase and sale of foreign currency; 18) carries out an analysis of and makes the forecasts for the state of the economy of the Russian Federation as a whole and by region, firstly, for monetary and credit, currency and financial and price relations, and publishes the corresponding materials and statistical data; 18.1) shall make payments by the Central Bank of Russia for deposits by natural persons in the banks which are recognised as bankrupts and which do not participate in the system of the compulsory insurance of deposits by natural persons in the banks of the Russian Federation in cases and in the procedure which are provided for by a federal law; 19) discharges other functions in conformity with federal laws. Article 5. The Bank of Russia is accountable to the State Duma of the Federal Assembly of the Russian Federation. The State Duma: - appoints to the post and relieves of the post the Chairman of the Bank of Russia at the presentation of the President of the Russian Federation; - appoints to the post and relieves of the post the members of the Board of Directors of the Bank of Russia (hereinafter referred to as the Board of Directors) at the presentation of the Chairman of the Bank of Russia agreed with the President of the Russian Federation; - directs and recalls representatives of the State Duma in the National Bank Council within the limits of its quota; - considers the principal lines of the uniform state monetary credit policy, and takes the relevant decisions; - considers the annual report of the Bank of Russia and adopts decisions on it; - takes the decision on checking the financial and economic activity of the Bank of Russia, of its structural sub-divisions and institutions by the Clearing House of the Russian Federation. The said decision may be taken only on the grounds of the proposal from the National Bank Council; - holds Parliament hearings on the activity of the Bank of Russia with the participation of its representatives; - listens to the reports of the Chairman of the Bank of Russia on the activity of the Bank of Russia (at the presentation of the annual report and of the principal lines of the uniform state monetary-credit policy). The Bank of Russia shall submit to the State Duma and to the President of the Russian Federation information in accordance with the procedure established by the federal laws. Article 6. The Bank of Russia enjoys the right to file claims to the courts in accordance with the procedure laid down by the legislation of the Russian Federation. The Bank of Russia possesses the right to apply for the protection of its rights to the international courts, to the courts of foreign states and to tribunals. Article 7. The Bank of Russia shall issue the normative acts obligatory for federal state power bodies, for the state power bodies of the subjects of the Russian Federation and for local self-government bodies, as well as for all legal entities and natural persons, on the questions referred to its competence by the present Federal Law and by the other federal laws, in the form of directions, regulations and instructions. The rules for preparing the normative acts of the Bank of Russia are established by the Bank of Russia on its own. The normative acts of the Bank of Russia shall come into force after the expiry of ten days as from the day of their official publication in the official printed organ of the Bank of Russia - Vestnik Banka Rossii, with the exception of the cases established by the Board of Directors. The normative acts of the Bank of Russia have no retroactive force. The normative acts of the Bank of Russia shall be registered in accordance with the procedure established for the state registration of the legal normative acts of the federal executive power bodies. Not subject to the state registration are the normative acts of the Bank of Russia, establishing: - the exchange rates of foreign currencies with respect to the rouble; - an alteration of the interest rates; - the value of the reserve demands; - the values of the obligatory normatives for the credit institutions and for the bank groups; - direct quantitative restrictions; - the rules for the business accounting and the reports for the Bank of Russia; - the procedure aimed at providing for the functioning of the system of the Bank of Russia. In accordance with the order established for the federal executive bodies other normative acts of the Central Bank of Russia may not be subject to registration either.
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